Solid Power, Inc. (NASDAQ:SLDP), a company specializing in miscellaneous electrical machinery, equipment, and supplies with a market capitalization of $308 million, announced today that Derek Johnson, the Chief Operating Officer (COO), will step down from his position effective February 1, 2025. The departure was officially communicated to the company on the same day. According to InvestingPro data, while the company maintains a strong cash position relative to its debt, it has been experiencing rapid cash burn.
Following his resignation, Johnson will not leave the company immediately but will transition into a consulting role to ensure a smooth handover of his duties. According to the consulting agreement with Solid Power Operating, Inc., a wholly owned subsidiary of Solid Power, Johnson will provide consulting services from February 1 to May 1, 2025. During this period, known as the Consulting Period, he will receive a monthly payment of $37,500. This transition comes as the company's stock has shown significant volatility, with a -13% return over the past week despite strong performance in recent months.
Solid Power has not yet announced a successor for the COO position. The company, based in Louisville, Colorado, is incorporated in Delaware and is known for its work in the electrical equipment sector. The announcement was made in compliance with SEC regulations, and further details surrounding the transition or reasons for Johnson’s departure have not been disclosed. This information is based on a press release statement.
In other recent news, Solid Power, Inc. has extended its partnership with Ford Motor Company (NYSE:F) through 2025, aiming to advance the development of solid-state battery technology.
This collaboration is expected to boost the energy density and safety of electric vehicle batteries. The company also announced its selection to negotiate a $50 million grant from the U.S. Department of Energy, intended to enhance the production of solid electrolyte materials for advanced all-solid-state batteries.
Solid Power, Inc. reported a net loss in its third-quarter 2024 financial results, despite a strong liquidity position. The company's revenue for the quarter was $4.7 million, primarily from SK On agreements and government contracts. However, with operating expenses standing at $32.2 million, the company incurred a net loss of $22.4 million. As of September 30, 2024, Solid Power maintained a robust liquidity position with $348.1 million in cash.
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